M Nagaraju, Secretary of the Department of Financial Services (DFS) under the Ministry of Finance, reviewed the progress of financial inclusion schemes with heads of public sector banks (PSBs) and senior executives from private sector banks on Wednesday.

       The review meeting also included virtual participation by senior executives from the Small Industries Development Bank of India (SIDBI), Mudra Ltd, Indian Banking Association (IBA), and National Credit Guarantee Trustee Company Limited (NCGTC). Discussions centred on flagship programmes such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and Stand-Up India.

       Nagaraju stressed the importance of expanding banking infrastructure in unbanked villages and improving connectivity in remote areas, particularly in the North East. He highlighted the significant strides made in social security and financial inclusion, urging banks to further extend these initiatives to more individuals.

       The Secretary emphasised extending loans to SC/ST communities under the Stand-Up India scheme and meeting targets under the MUDRA scheme, reaffirming the government’s commitment to enhancing financial inclusion nationwide.

       “We have been directed to meet all the targets assigned to banks. During the meeting, we presented our progress to the Secretary DFS and raised issues related to loan disbursement under financial inclusion schemes,” said a senior bank official who attended the meeting.

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       Launched on August 28, 2014, the PMJDY aims to ensure comprehensive financial inclusion by providing every household with access to banking services. The scheme includes basic bank accounts with no minimum balance, free RuPay debit cards with ~2 lakh accident insurance, and overdraft facilities of up to ~10,000.

       As of November 20, 2024, PMJDY accounts total 540.3 million, with deposits of ~2.4 trillion. Of these, 300.7 million accounts (55.7 per cent) are held by women, and 359.5 million (66.6 per cent) are in rural and semi-urban areas. Additionally, 369.2 million RuPay cards have been issued under the scheme.

       The PMSBY provides one-year personal accident insurance for individuals aged 18-70, covering death (~2 lakh) and permanent or partial disabilities (~1 lakh) for an annual premium of ~20. As of November 20, 2024, the scheme has recorded cumulative enrolments of 475.9 million, with 193,964 claims received and 147,641 claims disbursed, totalling ~2,931.88 crore in benefits.

       The PMJJBY has enrolled 216.7 million individuals, with 893,277 claims received and 860,575 disbursed, amounting to ~17,211.50 crore in benefits, demonstrating its extensive life insurance coverage.

       Under the MUDRA scheme, 503.1 million accounts have been sanctioned, with a total sanctioned amount of ~31.28 trillion, of which ~30.55 trillion has been disbursed.

       The Stand-Up India scheme has sanctioned 252,000 accounts, with 76 per cent of these accounts held by women entrepreneurs, highlighting its focus on empowering women.

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